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This Blockchain Lender Increases IPO Size and Price Range Amid Strong Demand

TL;DR

• Founded in 2018 by Mike Cagney, Figure has funded more than $16 billion in blockchain-based loans.
• Figure raises its IPO size to $693M with 31.5M shares and a price range of $20-$22, which would bring its valuation to $4.7 billion.
• The company will issue 26.6M shares while shareholders sell 4.9M, and Duquesne Family Office plans to invest up to $50M.

Figure Technology Solutions is preparing its public debut with an offering that could raise up to $693 million after adjusting terms in response to strong investor demand.

The blockchain company and some of its shareholders increased the number of shares offered from 26.3M to 31.5M and raised the price range to $20-$22 per share, up from the initial $18-$20. At the top end, the firm would reach a valuation of about $4.7 billion, well above the $3.2 billion it was valued at in its last private round in 2021.

The company was founded in 2018 by Mike Cagney, former CEO of SoFi, and since 2024 has been led by Michael Tannenbaum as CEO. Cagney will retain control of the majority of voting power once the company lists on Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and Bank of America are leading the offering, with pricing expected on Wednesday and the debut set for Thursday.

Of the total offering, the company will issue 26.6M shares, while existing shareholders will sell 4.9M. Duquesne Family Office expressed interest in purchasing up to $50M worth of stock. According to filings with the SEC, the deal is already heavily oversubscribed.

The Future of Lending Is on the Blockchain

Figure began with home equity credit lines and later expanded its portfolio with crypto-backed loans, blockchain-based lending products, and a digital asset exchange. The company reports having funded more than $16 billion in loans using its own blockchain infrastructure. This technology enables more efficient loan execution and record-keeping with less friction than traditional systems.

The firm also integrates artificial intelligence into its processes. It uses OpenAI models to evaluate loan applications and a conversational assistant powered by Google Gemini to interact with customers. These tools aim to improve risk assessment accuracy and streamline the user experience.

Figure seeks to strengthen its business model at a time when credit digitalization and asset tokenization are becoming increasingly relevant in the financial industry.